Funded E-Commerce & New Brick-And-Mortar II (TheRealReal)

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We don't get this at all.TheRealReal, a company that sells authenticated high-end resale items (mostly for women) just got $50mm in funding from some private equity firm we've never heard of, Great Hill Partners. So, clearly we're just morons because this makes ZERO sense to us - particularly since the "company has pushed out the time by which it will turn profitable". Still, the numbers must be kick-a$$ to justify a $??mm valuation at $173mm in total funding. Now the company is going "clicks-to-bricks" and plans to open a brick-and-mortar store in New York and otherwise expand its physical footprint (read: popups). So who wins? Millennial women who want discounted high-end stuff (who wouldn't be caught dead in Goodwill...womp womp) and landlords looking to fill vacant space. Of which there are a lot.

Notable (Goldman Sachs, Intelsat, Linn Energy & Goodwill Stores)

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Goldman Sachs. Everyone loves to hate on them. Oh, and Venezuela ($GS). Pssst: there are several others in the trade too.

Intelsat ($I). There goes that Softbank thing. The merger didn't get enough creditor support. 

Linn Energy. The recently restructured company offloaded its Jonah and Pinedale fields and surrounding area to Jonah Energy, a platform formed by TPG Capital. For $580mm. 

Lunch. Short it. And the casual dining spots that serve it, e.g., Ruby Tuesday Inc. ($RT)

Ocwen Financial. Nothing like the "Strippers Defense" to ward off scrutiny ($OCN).

Retail. File this one under unintended consequences. It appears that Goodwill - yes, that Goodwill - is also falling victim to online shopping and is committed to downsizing its brick-and-mortar footprint and restructuring some operations. Someone on this newsletter should think about this as a potential pro bono project.